Noble Corporation Plc (NYSE:NE) Q3 2023 Earnings Conference Call November 1, 2023 9:00 AM ET Company Participants Ian Macpherson - Vice President, Investor Relations Robert Eifler - President & Chief Executive Officer Richard Barker - Chief Financial Officer Blake Denton - Senior Vice President, Marketing & Contracts Conference Call Participants Eddie Kim - Barclays Kurt Hallead - Benchmark Gregory Lewis - BTIG Pelle Bibow - Clarksons Securities David Smith - Pickering Energy Partners Operator Thank you for ...

This presentation and the conference call to which it pertains contains "forward-looking statements" about Noble Corporation plc's ("Noble" or the "Company") within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, as amended. All statements other than statements of historical facts included in this presentation and the conference call are forward looking statements, including those regarding future guidance, including revenue, adjusted EBITDA, the offshore drilling marke ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________________________________________________________________________ FORM 10-Q _____________________________________________________________________________________________________ ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ...

Noble Corporation Plc (NYSE:NE) Q1 2023 Earnings Conference Call May 4, 2023 9:00 AM ET Company Participants Ian Macpherson - VP, IR Robert Eifler - President and CEO Richard Barker - SVP and CFO Conference Call Participants Kurt Hallead - The Benchmark Company Eddie Kim - Barclays Capita Fredrik Stene - Clarkson Securities Operator Good morning. My name is Brianna and I will be the conference operator today. At this time, I would like to welcome everyone to Noble Corporation First Quarter 2023 Financial Re ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________________________________________________________________________ FORM 10-Q _____________________________________________________________________________________________________ ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________________________________________________________________________ FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to ________________________________________________________________________ ...

| --- | --- | |-------------------------------------------------------------------------------------------|-------| | | | | | | | Noble Corporation plc Fourth Quarter 2022 Earnings Conference Call February 27 th , 2023 | | Disclaimer Forward-Looking Statements This presentation and the conference call to which it pertains contains "forward-looking statements" about Noble Corporation plc's ("Noble" or the "Company") business, financial performance and position, contracts and prospects. Words such as "anticip ...

Financial Data and Key Metrics Changes - For the fourth quarter, the company reported diluted earnings per share of $0.92 and contract drilling services revenue totaling $586 million, with adjusted EBITDA of $157 million, resulting in an adjusted EBITDA margin of 25% [134] - The year-end revenue backlog stands at $3.9 billion, with an average day rate across the floater backlog of approximately $400,000 [29][130] - The company anticipates total revenue for 2023 to be between $2.35 billion and $2.55 billion, with adjusted EBITDA expected to be between $725 million and $825 million [30] Business Line Data and Key Metrics Changes - The company secured 24 months of additional backlog across various drillships at an average day rate above $420,000, including contracts in Nigeria and the Gulf of Mexico [9] - The contracted ultra-deepwater (UDW) rig count has increased to 91 rigs with a utilization rate of 91% for the marketed fleet [6] - The jackup market is showing signs of improvement, with day rates for harsh environment class rigs expected to rise to the $110,000 to $125,000 range [103] Market Data and Key Metrics Changes - The deepwater Gulf of Mexico market has maintained a steady demand of 20 to 22 rigs, with expectations for slight increases through 2024 [100] - Brazil's Petrobras has been the most active operator, recently increasing its deepwater rig count from approximately 20 to 24, with potential for an additional 5 to 7 floaters over the next 12 to 18 months [24] - The company’s marketed UDW rigs are currently 75% contracted throughout 2023, with visibility towards securing additional utilization [26] Company Strategy and Development Direction - The company is focused on maintaining a conservative through-cycle balance sheet while returning at least 50% of free cash flow to shareholders [33] - The strategic emphasis is on maximizing the potential of the existing fleet and selectively pursuing new contracts, particularly in high-demand regions like South America and West Africa [78] - The company is optimistic about a sustained multi-year upcycle in the offshore drilling market, driven by structural supply constraints and increasing demand [34][125] Management's Comments on Operating Environment and Future Outlook - Management noted that the current market conditions are the best seen in the past 20 years, with a multi-year rise in UDW rig demand expected [125][99] - Inflationary pressures are anticipated to persist, with high-single digit inflation rates factored into the 2023 guidance [14][65] - The company is confident in its ability to navigate the evolving market landscape, with a focus on disciplined bidding and capital allocation [34][82] Other Important Information - The company has realized $15 million in run rate synergies as it progresses towards a target of $125 million in annual cost synergies by October 2024 [12] - The company has repurchased nearly $100 million in shares as part of a $400 million share repurchase program [110] - The Noble Resolve has commenced a pilot scope at Project Greensand, marking the company's involvement in offshore carbon capture initiatives [132] Q&A Session Summary Question: What is the outlook for rig reactivations and opportunities in Brazil? - Management indicated that opportunities for rig reactivations are primarily focused in Brazil, with a careful approach to securing contracts that ensure cash flow [114] Question: How does the company view the jackup market and potential relocations? - Management stated that they are not actively seeking to relocate rigs from the North Sea but are focused on maintaining economic viability [116] Question: What is the strategy regarding long-term contracts versus short-term contracts? - The company has been leveraging long-term visibility in contracts while also being open to short-term contracts to capitalize on rising day rates [118] Question: How is the company managing inflationary pressures in its guidance? - Management confirmed that inflationary pressures are embedded in the guidance, with expectations for high-single digit inflation to continue into 2024 [65][45] Question: What are the expectations for capital expenditures in relation to the Meltem activation? - The company clarified that the CapEx guidance for 2023 does not include costs associated with the activation of the Meltem, which will depend on securing favorable contract terms [121]

Financial Data and Key Metrics Changes - Noble Corporation's contract winning services revenue for Q3 2022 totaled $289 million, an increase from $262 million in Q2 2022 [31] - Adjusted EBITDA for Q3 was $97 million compared to $84 million in the previous quarter, resulting in an adjusted EBITDA margin of approximately 32% [32] - Free cash flow in Q3 was $44 million, with capital expenditures totaling $41 million [32] Business Line Data and Key Metrics Changes - The legacy Maersk Drilling reported revenue of $283 million and adjusted EBITDA of $63 million for Q3 2022 [32] - The deepwater segment is experiencing day rates in the low to mid $400,000 per day range, with a utilization rate of around 85% for marketed ultra-deepwater rigs [17][18] - The jack-up segment is seeing steady demand and utilization above 90%, but day rate increases are more moderate compared to deepwater [23] Market Data and Key Metrics Changes - Brent prices have averaged close to $100 per barrel year-to-date, with expectations of a tapering down to the mid-70s per barrel through 2024-2025 [15] - 80% of offshore projects have estimated breakeven thresholds at or below $40 per barrel, indicating a favorable environment for offshore drilling [16] - The company expects a higher level of deepwater rig demand next year, driven by a recovery from previous underinvestment [16] Company Strategy and Development Direction - The merger with Maersk Drilling aims to create necessary scale for deep customer relationships and leadership in innovation and sustainability [10] - The company is targeting at least $125 million in annual cost synergies to be realized within two years post-merger [11] - A $400 million share repurchase program has been authorized as part of the capital allocation framework [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledges extraordinary uncertainty regarding inflation, recession, and geopolitical unrest but remains confident in the long-term demand for oil and gas [13] - The strategic positioning towards deepwater and harsh environment shallow water markets is seen as advantageous for future growth [14] - The company is optimistic about the multi-year upturn in offshore drilling, with limited inventory of stacked rigs available [17] Other Important Information - Noble's revenue backlog stood at $3.9 billion as of November 2, 2022, not including additional non-drilling services [33] - The company plans to refinance existing Maersk Drilling credit group debt with a new three-year $350 million bank term loan [35] - The integration activities are well underway, with expectations to realize over 70% of targeted cost synergies by the fourth quarter of next year [41] Q&A Session Summary Question: Share buybacks and debt buyback plans - Management confirmed significant flexibility within credit agreements to buy back shares and clarified that the $220 million drawn was related to reinvestment of proceeds from asset sales [51][52] Question: Follow-up contract for the Gerry de Souza rig - Management expressed confidence in securing a follow-on contract for the rig, with expectations for a start in the first quarter of next year [54] Question: Customer conversations and tender participation - Management reported encouraging feedback from customer conversations, recognizing the strategic benefits of the combined organization [60][61] Question: Capital expenditures guidance - Management indicated that the $65 million to $85 million guidance for Q4 may be higher in the future due to inflation and the age of some rigs [62]

Noble Corporation (NYSE:NE) Q2 2022 Earnings Conference Call August 9, 2022 9:00 AM ET Company Participants Ian Macpherson - Investor Relations Robert Eifler - President and Chief Executive Officer Richard Barker - Senior Vice President and Chief Financial Officer Blake Denton - Vice President, Marketing and Contracts Joey Kawaja - Vice President, Operations Conference Call Participants Fredrik Stene - Clarkson Securities Greg Lewis - BTIG Samantha Hoh - Evercore David Smith - Pickering Energy Ian Macpherso ...